Top 5 Tips for Business Survival in Any Type of Economy
Having survived the Dot Com Crash and the Great Recession I will provide my insight how you can have your small business survive any economic cycle. This blog entry will outline my 5 Tips for Business Survival in any type of economy.
Tip 1-Become Recession Proof
The key for a business to survive in any economy is the ability for management to predict and/or adapt to changing economic conditions. Many of us learned the “hard way” during the Great Recession. The Wallace Law Group, PL was founded in 2009 in the midst of the Great Recession. Up until 2009, my law practice comprised Real Estate Law and Corporate Law clients. However, many of my clients were facing financial hardship whether it was facing foreclosure on their homes, the lost of their jobs or both. At that point, the scope of my practice changed to representing clients in Bankruptcy matters. The key point is a business owner must always have skills or products available to serve your customers’ changing needs and wants.
Tip 2-Always Run a Lean Operation
Often when business seek my advice concerning financial difficulty, my first question is let me look at your expenses. Upon first glance of the budget, I am able to highlight numerous unnecessary business expenses. It may be an unfavorable commercial lease or bloated payroll.
Tip 3-Cashflow, Cashflow, Cashflow
During difficult financial times, the businesses that survive have mastered the art of maintaining consistent cashflow. This can be accomplished by being as disciplined in your business budget as you are with your personal budget. Prior to starting The Wallace Law Group, PL, I always worked at large law firms and I would marvel at largesse these firms would employ. Obviously to woo and maintain its client base, a certain image was needed but the first adjustment was layoffs and salary reduction not trimming the largesse.
Tip 4-Revaluate Your Staff
As a small business owner I always try to maintain a consistency in my staff. The most difficult task as a compassionate business owner is the decision to terminate a member of my staff. However, during times of financial difficulty it is a time to reevaluate each member of your staff. You should ask yourself whether each staff member is necessary to maintain your operation and such staff member is performing to your expectations.
Tip 5-Reinvent Your Business
Americans pride themselves on innovation and resilience during times of need. Use these difficult times to create new products, new recipes or new services. During this pandemic I am learning a new language, working on an E-Book and learning web design and coding.
For any questions about your small business, please contact the experienced business attorneys at The Wallace Law Group with a convenient office location in Boynton Beach representing clients in Boynton Beach, Delray Beach, Boca Raton, West Palm Beach, Greenacres, Wellington, Fort Lauderdale, Coral Springs, Deerfield Beach, Parkland, Hollywood, Weston, Aventura, Miami, Miami Beach.